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RLPC-TDR's Delek Europe buyout backed with 655 mln euro loan
July 9, 2014 / 12:40 PM / 3 years ago

RLPC-TDR's Delek Europe buyout backed with 655 mln euro loan

LONDON, July 9 (Reuters) - Private equity firm TDR Capital’s acquisition of the Benelux and French divisions of Israeli conglomerate Delek Group will be backed with a 655 million euro ($893.45 million) leveraged loan financing, banking sources said on Wednesday.

Delek Group, which encompasses energy, insurance and biochemicals, announced the sale at the end of last month. [ID: nL6N0PA042]

Bank of America Merrill Lynch, ING and UBS are providing the debt financing, which will be shown to investors at a bank meeting on Monday, the banking sources said.

The financing includes a 310 million euro, 4.5-year term loan B paying 425 basis points (bps) over Euribor; a 75 million euro, 4.5-year revolving credit facility paying 375bps over Euribor; and a 100 million euro, 5-year second lien paying 750bps over Euribor. There are also letters of credit totalling 170 million euros, the banking sources said.

Lenders commitments are due on the covenanted loan financing by the end of July.

Delek Europe was established in 2007 and acquired the operations of Chevron Corp in Belgium, the Netherlands and Luxembourg and the operations of BP PLC in France. ($1 = 0.7331 Euros) (Editing by Christopher Mangham)

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